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Are you aware of the three features in your Vat form that help you avoid mistakes and penalties?

by , 05 August 2013
While SARS implemented changes to the VAT201 form in 2011 to make your life easier when submitting your Vat returns, many businesses still make mistakes. And they pay unnecessary penalties as a result. Don't be one of them! Read on to discover three ways you can avoid costly mistakes when submitting your Vat return.

According to the Practical Vat Loose Leaf Service, the improvements SARS made to its systems in 2011 to better manage the refunds process actually help you minimise mistakes when submitting your VAT201 return.

Three changes to the VAT201 form that you must be aware of

#1: Request for demographic information

You need to fill in the correct demographic information. This includes the name, job description and contact details of the person filling in the Vat return.

You can request your VAT201 declaration form from SARS directly via:

  • e-Filing;
  • Your SARS branch;
  • Phoning the SARS Contact Centre on 0800 00 7277;
  • Posting a request to SARS.

#2: 10-digit Payment Reference Number (PRN)

When you request your VAT201 declaration form from SARS, it'll automatically pre-print a 10-digit payment reference number (PRN) for you. This PRN links the actual payment you made to the declared amount on your VAT201 for a specific period. This ensures there isn't any misallocation of payments on your account.

Keep this number safe in case you need to query something with SARS!

#3: The new and improved Request for Correction Functionality

Good news! You're now allowed to make corrections to your VAT201 declarations for tax periods falling within the last five years!

If you want to make a correction, you need to complete the whole VAT201 declaration again, not only the parts you've updated.

When SARS receives your request for a declaration, it'll check to see if you actually did submit a return or not. If you did, it'll automatically pre-populate the VAT201 declaration (put in the figures you originally declared).

When you receive the VAT201 declaration back from SARS and you've made your changes, submit it using any one of these three channels:

  • eFiling;
  • Post it to SARS;
  • Or drop it off at your SARS branch.

Well there you have it. Make use of these changes as they've been put in place to make the process easier for you when you submit your Vat returns.

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